Recent Numbers Show New Home Sales Fall in Longview
Posted on: Aug 08, 2014 11:33:33 AM
In the Longview, WA market, closings of new homes dropped year-over-year in May, and the decline was by a larger percentage than the April 2014. New home closings moved from 2 a year earlier to none after the figure moved from 2 in April 2013 to 1 in April 2014.
On a percentage basis, new home closings as a part of total closings decreased to no part from 1.2% a year earlier. After rising year-over-year in April, closings of new and existing homes dropped year-over-year in May.
Other Market Trends
There were no new home closings in May 2014, but average size of newly sold homes was 1,673 a year earlier.
Foreclosures and real estate owned (REO) closings continued to increase in May from a year earlier and stayed a drag on the market. Combined, foreclosures plus REO closings accounted for 41.2% of existing home closings, above 40.5% a year earlier. The percentage of existing home closings involving foreclosures sank to 16.9% in May from 19.6% a year earlier while REO closings as a percentage of existing home closings grew to 24.3% from 20.8%.
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